Emergencies happen, and there’s no getting around them. However, there are things that we can do to protect ourselves financially. You’re not working as hard as you are to just end up behind the curve, wondering why you can’t retire, or reach other lifestyle goals. Do you want to travel more? Build a business? Or maybe just buy a really awesome car? Financial goals are almost as unique as freckles and snowflakes, and everyone has at least one goal that they would really like to achieve.

Financial protection is about planning, looking ahead, and taking action before the worst happens. Here are a few things to consider if this is important to you:

Paperwork

What does your paperwork situation really look like? We’re not talking about how many papers you have around your home, as everyone has paperwork. We’re actually talking about how organized everything is. Do you have things in proper order, or do you struggle to find the files you need when you need them? If the worst happened, like a fire, would you be able to have backups of your important paperwork to refer back to? Make sure that you don’t just rely on cheap “fireproof” safes, as they don’t always preserve your papers properly. Getting duplicates of important things is critical, and they should be stored in a safe location. Most banks have safety deposit boxes, so it’s not a bad idea to talk to your local bank. You can also scan in all of your documents and store them securely in the cloud, but it would be better to have the originals stored elsewhere.Continue Reading

Credit is an integral aspect of having a well-rounded, healthy financial life. Without access to affordable credit via loans, credit cards, and other financing solutions, it can be difficult for people to achieve the goals they have for their life. Understanding how credit works helps in creating a strong credit profile, but there are many aspects involved in calculating one’s credit score that need to be recognised.

One of the ways consumers make mistakes in their credit journey is being unaware of how specific types of credit accounts impact their credit score calculation. Loans are common tools in financing major expenses, whether they are known or unexpected. This is because a loan comes with a predictable repayment term and set monthly payments, as well as a set cost by way of an interest rate charged on the amount borrowed. Many lenders offer loans to consumers through in-person locations or online platforms, making it easy to get a loan when it is needed. However, the ease and convenience of loans often overshadow the credit consequences that they entail. Consumers considering a loan for any reason can lessen the blow to credit scores by understanding the following mistakes – and how to avoid them.

Avoid Applying for Multiple Loans

Over the last decade, a multitude of lenders have joined the ranks of banks and credit unions offering loans directly to borrowers. The rapid influx of loan providers has made it easier for consumers to get access to the financing they need, when they need it; however, the increased competition has also created inadvertent negative impacts to credit scores.Continue Reading

Want to live in luxury as you see out your golden years? Looking forward to an easy retirement? Portafina has compiled the best tips around to ensure that you can spend your retirement enjoying the rewards of your working life.

Your retirement funds won’t grow on a tree, and the best way to make sure that the tree keeps growing is to invest in your future now. By putting away money from each paycheck, you will ensure that your pension funds grow large enough to keep you living the life of assured luxury in your old age – and ensure that you can retire when you want. Not only this, but you can also benefit from compound interest, making thousands more profit the longer you save.Continue Reading

Cash flow is perhaps the most important aspect of any business. Without it, no matter how big, successful or good with sales and profits you are, a business will struggle. Sales and profits indicate the business is working and doing things right, but if the money isn’t coming in quickly enough to cover daily, monthly, quarterly or yearly liabilities, you could find yourself in a dark hole when it comes to repaying debts and creditors. Sometimes it can happen through no fault of your own, you could just be unlucky, broken machinery, a dip in seasonal variation, these things aren’t always predictable.

So how can you prepare yourself? How can you maximise your cash flow and ensure you don’t hit any trouble?

Plan and predict

For new business, or growing businesses, it can be easy to anticipate that the business will hit troubles with cash flow. With so much initial expenditure and potential teething problems as the business finds its feet, most owners will know the dangers of running into cash flow troubles. A cash flow forecast is the best place to start. With a forecast you can have a rough idea of your incomings and outgoings. If you plan well enough, you can have an idea of your daily incomings, outgoings, as well as monthly or quarterly bills.

It also gives you a chance to identify potential flaws and areas of the business which could get into trouble. Understanding your clients, how they pay and how reliable they are at paying will help you plan for all possible eventualities.Continue Reading

There is a general misconception that in order to improve your financial situation you will have to make big changes in your life. While it certainly does help, there are also many small changes that you can make which will have a big impact in the long run. These small changes are easier to implement than a big change and they will still allow you to lead the lifestyle that you wish. So, if you are looking for a healthier financial situation and you are looking for a few small changes to make then try any or all of the following.

Buy Non-Brand Groceries

Food shopping is a major expense, but you can make enormous savings by switching to a non-brand product. There may be some goods which you will want to pay more for, but often the quality is very similar and the food is much more affordable.

Packed Lunch

If you buy your lunch each day during the working week, then this will work out to be a huge sum at the end of the year. Instead, make a packed lunch at home to enjoy – this is much cheaper and it is a good way to eat a healthier diet. It is, of course, ok to treat yourself occasionally but you do not want it to become a regular habit.Continue Reading

For over a decade now, financial security and growth have been struggling, to say the least. Harmed at first by a 2008 financial crash which helped create a deficit that still hasn’t been paid, the market has been further confused and hampered by the subsequent uncertainty surrounding Brexit.

As a result, the natural order of growing up and becoming financially reliant has changed. We already know that the millennial generation are going to be the first for some time to pass poorer than their parents — and that fact has had several knock-on effects.

Not only do most adults stay at home longer now — with the property ladder so difficult to climb on to — they’re also financially reliant on their parents for longer. This creates more strain and pressure both monetarily and personally than there has been in generations gone by.

What is a boomerang kid?

This is a term that refers to adult children who return home after long periods living away or on their own. These children are said to have ‘boomeranged’ back to their parents’ home.

Thanks to stagnating wages and spiralling living costs, this is happening with increasing regularity. As a result, both the rental and residential housing market have become erratic and inhospitable to many, forcing their hand where living conditions are concerned.Continue Reading

With the global popularity of online trading growing exponentially in the last 2 years, it is no surprise to see economic regulations being introduced to protect the customer. The European Securities and Market Authority (ESMA) is responsible for regulating binary options and CFD trading in the European Union. In 2018, ESMA updated the legislation for regulating binary options and CFD trading, a move which has attracted widespread criticism from the community. The imposition of ESMA’s new regulations includes the change in leverage on all major CFDs and FX pairs, now at 30:1. Minor currency pairs and gold is now tradable only at 20: 1 while minor indices and other commodities can be traded with a 10:1 leverage. This has affected how online brokerage services do business, as well as the trading options they offer.

ESMA Rules Explained in Brief:

As of 27th March 2018, ESMA introduced new measures designed to restrict CFDs as well as outlawing binary options in all areas of the EU for retail investors, which now also includes U.K. The changes were introduced mainly to provide more security to retail investors. The effects took place from 2nd July 2018 for Binary Options and from 1st August 2018.Continue Reading